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Wait | 21 January 2022

21 January 2022, USD/JPY

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Technical observation

Yesterday the value of this pair declined and closed bearish, today, I expect a further surge to the supportive level 112.73 followed by a bounce at it to buy USD with my take profit at 115.22 and stop loss at 111.29. If price rises and clearly breaks above the zone 115.49-115.22 with a big green candle, a further momentum to the upper side can be anticipated, on the other hand, if USD is not contained above the level 112.73 but instead clearly breaks below it with a big red candle, I expect a correction to the broken line followed by bearish movements of price towards the supportive level marked at 109.05 or even lower to 105.73.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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